# Interaction Models: Demographics × Fiscal/Financial → Ratings

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| A1: Z×debt → rating | rating_numeric | 2,048 | 79 | 0.476 |
| A2: Z×fiscal → rating | rating_numeric | 2,087 | 79 | 0.453 |
| A3: Z×KAOPEN → rating | rating_numeric | 2,087 | 79 | 0.445 |
| A4: OECD Z×debt → rating | rating_numeric | 954 | 31 | 0.171 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| A1: Z×debt → rating | Z_1 | 17.6289 | 7.2831 | 0.0156 | ** |
| A1: Z×debt → rating | Z_2 | -2.4402 | 1.0714 | 0.0229 | ** |
| A1: Z×debt → rating | Z_3 | 0.1025 | 0.0437 | 0.0191 | ** |
| A1: Z×debt → rating | govt_debt_gdp | -0.0311 | 0.0039 | 0.0000 | *** |
| A1: Z×debt → rating | Z_1_x_debt | 0.0826 | 0.1059 | 0.4354 |  |
| A1: Z×debt → rating | Z_2_x_debt | -0.0070 | 0.0152 | 0.6462 |  |
| A1: Z×debt → rating | Z_3_x_debt | 0.0001 | 0.0006 | 0.8427 |  |
| A2: Z×fiscal → rating | Z_1 | 14.3699 | 6.1875 | 0.0203 | ** |
| A2: Z×fiscal → rating | Z_2 | -1.6400 | 0.8881 | 0.0649 | * |
| A2: Z×fiscal → rating | Z_3 | 0.0597 | 0.0356 | 0.0938 | * |
| A2: Z×fiscal → rating | Z_1_x_fiscal | -0.1247 | 0.2371 | 0.5989 |  |
| A2: Z×fiscal → rating | Z_2_x_fiscal | 0.0192 | 0.0353 | 0.5863 |  |
| A2: Z×fiscal → rating | Z_3_x_fiscal | -0.0008 | 0.0014 | 0.5794 |  |
| A3: Z×KAOPEN → rating | Z_1 | 12.9544 | 7.9367 | 0.1028 |  |
| A3: Z×KAOPEN → rating | Z_2 | -1.7258 | 1.1425 | 0.1310 |  |
| A3: Z×KAOPEN → rating | Z_3 | 0.0724 | 0.0457 | 0.1132 |  |
| A3: Z×KAOPEN → rating | Z_1_x_kaopen | 1.5603 | 3.8654 | 0.6865 |  |
| A3: Z×KAOPEN → rating | Z_2_x_kaopen | -0.0104 | 0.5576 | 0.9851 |  |
| A3: Z×KAOPEN → rating | Z_3_x_kaopen | -0.0062 | 0.0221 | 0.7780 |  |
| A4: OECD Z×debt → rating | Z_1 | 58.5093 | 22.8776 | 0.0107 | ** |
| A4: OECD Z×debt → rating | Z_2 | -7.5134 | 3.0559 | 0.0141 | ** |
| A4: OECD Z×debt → rating | Z_3 | 0.2763 | 0.1152 | 0.0166 | ** |
| A4: OECD Z×debt → rating | govt_debt_gdp | -0.0327 | 0.0059 | 0.0000 | *** |
| A4: OECD Z×debt → rating | Z_1_x_debt | -0.3643 | 0.2855 | 0.2024 |  |
| A4: OECD Z×debt → rating | Z_2_x_debt | 0.0465 | 0.0361 | 0.1975 |  |
| A4: OECD Z×debt → rating | Z_3_x_debt | -0.0017 | 0.0013 | 0.1887 |  |

*Interaction models test whether demographic structure moderates the impact of fiscal/financial variables on ratings*